HomeMy WebLinkAbout0577 c~tion Inc.. the condominium association for La Sagra Condominium~ to '
Asso ~
provide sewerage treatment and disposal~ conforming to the standards of ~+11
governmental authorities having jurisdiction and with a capacity sufficient to meet
the reasonable requirementa of La Sagra Condominium. Mortgag~r represcnts
and~ warrants to Mortgagee that such facility and services shall be available for
hook-up by La Sagra Condominium when required by the Candominium and such
sewerage treatment and disposal facilities shall be adequate to serve the re:.sonable
requirements of said Condominium. Mortgagor hereby represents an x warrants
that failure to cause such facilities to become operational within the times required
and with suitable capacity to serve the Condominium shall co lsabove a default here-
under and a default in the Mortgage described in Paragraph 2
23. Provided this Mortgage and the Note secured hereby is in good
standing and not in default, ~e ousr~a cels f t eV subj ct prope ty upon repayment
the lien of this Mortgage contig p
to Lender of the highe~r of :
(a) ~20.000. 00 per acre or; .
~ (b) 140% of the prorated loan amount, said prorated
loan amount shall be determined at time of closing
froRn the Bank's appraisal-report. The relative
. value of land fronting on State Road AIA and the Bay
compa.red to the interior acreage shall b~ used to
set the released price of the parcel sought to be
released, An agreement setting forth the appropriate
release prices was executed at closing by Borrower
and Lender.
24. All contracts entered into bY Mositsagmade r ursuantetheret Pw ilion
of the Premises, together with any and all dep P
be assigned to Mortgagee asreated erAll depos ts on such c nt acts w 11 be placed
interest in them is hereby c
, in an escrow account with a ba.nk and hich Morta See's consent w 11 bearequp
edved
by Mortgagee and Mortgagor and on w g g
for withdrawal.. . '
25. Mortgagor shall furnish to Mortgagee, within ninety (90) days of
the end of each fiscal year, a balance sheet togethe such other~oiterating state-
statement. including reconcilement of surplus, and P
ments indicating the source of iricome and the expenditures of all expense items
during the operating year together with current financial statements for Guarantors,
all as Mortgagee may require, certified by independent public accountants,
satisfactory to Mortgagee.
• 26. riortgagee, at its option, may pay any claim, lien,
encumbrance, tax, assessrient or premium, with right of subroga-
tion thereunder, now or hereafter affecting the mortgage property
or any portion thereof and merge or consolidate the effect of
such prior item with the lien hereun~er.
27. Nothing herein contained, nor~any transaction 'related
thereto, shall be construed or so oaerate as to require the
Mortgagor, or any person liable for repayment of the loan secured
bereby, to pay interest at a greater rate than firteen (15$)
percent per annum or to ~ake any payment, or to do any act -
contrary to law. Should any interest or other charges paid by
the Mortgagor, or parties liable for the payment of said Note,
in connection with the loan evidenced by said Note or this Mort-
gage securing the payment of said Note, or any other document
delivered in ~onnection with said loan, result in the comnuta-
tion or earning of interest in excess of the fifteen percent (15$)
$~~2~5 ~ 5~6
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Ml118HON. fAWY[R. JOHNSTON. DUNWODY ! COLE. tS00 F1118T NATIONAL BANK BUILDING. MIAMI, rLOR10A »1~1
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